Volltext: The future importance of tax compliant clients

LDF and Swiss-UK Tax Agreement 
come received from a trust. Income up to GBP 9,440 is tax free in the tax year 2013/2014 for individ- 
uals born after 1948.'” The UK tax system has four tax categories, as illustrated in table 2. 
Table 2 Income tax rates 
  
  
  
  
  
  
Name Income Tax rate on non Tax rate on Tax rate on 
savings income savings dividends 
Starting rate GBP 0 to GBP n/a 1096 n/a 
2,790 
Basic rate GBP 2,791 to 20% 20% 10% 
GBP 32,010 
Higher rate GBP 32,011 to 40% 40% 32.5% 
GBP 150,000 
Additional rate Above GBP 45% 45% 37.5% 
150,000 
  
  
  
  
  
  
Source: Her Majesty's Revenue and Customs [HMRC], 2013 (3). 
The tax rate is selected after taking into account all applicable tax allowances and relief." 
In general, foreign income of individuals resident in the UK is taxed as common UK income. The UK 
has a wide network of double tax agreements in order to offset tax that is deemed paid in a foreign 
country.” 
Capital gains tax is a tax on profit from selling an asset. The capital gains tax rate is 18% for individu- 
als whose income is taxed at the basic rate and 28% for individuals whose income is taxed at the high- 
er rate. Additionally, there is an annual exemption amount of GBP 10,600 for individuals living in the 
UK 140 
  
“HMRC 2013 (3). 
8 HMRC, 2013 (2). 
'* Barthel, Neumayer & Busse, 2010, p. 366. 
“0 HMRC, 2013 (6). 
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